Shiba Inu, the popular meme coin, has announced a significant update, unveiling its decentralized exchange, ShibaSwap, on the Layer 2 solution Shibarium. This major update enhances liquidity and improves the user experience for Shibarium and DEX ShibaSwap users. As a result, SHIB has seen a notable 4% gain on Wednesday, amidst the ongoing meme coin rally in the ecosystem.

The update introduces new liquidity pools on Shibarium, allowing users to swap tokens across the Ethereum and Shibarium blockchains and create liquidity pools for their preferred tokens. This move enables traders to optimize their trading strategies and manage liquidity across blockchains, making ShibaSwap a hub for community tokens. With higher trading volume on ShibaSwap and Shibarium, stakers and liquidity providers can earn higher rewards, leading to increased protocol gas fees and SHIB token burns.

Over 8.2 million SHIB tokens have been burnt in the past 24 hours, with a total of 410 trillion SHIB tokens burnt so far, equivalent to over 41% of the total supply. This significant token burn rate has contributed to the ongoing rally, with SHIB reaching a peak of $0.00002466 on Monday. Currently, SHIB is exchanging hands at $0.00002397 on Wednesday.

The Shiba Inu community is expected to benefit from this update, with ShibaSwap users able to spot trending tokens and identify yield farming opportunities, regardless of their trading experience. As the meme coin rally continues, Shiba Inu's liquidity boost and major update are poised to fuel further growth and adoption in the ecosystem.